A year ago, news broke that Jamestown, Belvedere Capital, and Angelo Gordon announced plans to infuse $1 billion to renovate and redevelopment parts of the the 16-building, six-million-square-foot industrial complex, dubbed Industry City, located west of the Gowanus Expressway, in Greenwood. Crain’s now reports the developers are scrapping plans to build a 150,000-square-foot student dormitory at the 32-acre site. The complex’s proposed rezoning still includes the construction of significant retail space and two hotel buildings. Renovation work currently under way includes new windows, elevators, and interiors, and the complex is presently home to manufacturing uses and office space of a variety of sorts. The developers expect to begin the city’s Urban Land Use Review Procedure (ULURP) before 2017.
Last summer, news broke that Tishman Speyer was in contract to buy the development assemblage at 434-444 Eleventh Avenue and 550 West 37th Street, located between West 36th and 37th streets, in the Hudson Yards District. Real Estate Weekly reports the developer has closed on the purchase of 434-444 Eleventh for $163.5 million. 550 West 37th Street sold in a different transaction at an undisclosed price. Plans for the site call for a 1.3-million square-foot office tower. The exact height of the building is probably still being hammered out and the design architect is currently unknown. Ultimately, the site could accommodate up to 1.7 million square feet of development if the maximum number of air rights are purchased. The site is vacant, with the exception of a single-story commercial property at 550 West 37th Street. The two single-story buildings at 446-552 Eleventh Avenue are not (yet) part of Speyer’s assemblage.
During the summer of 2015, Kushner Companies and CIM Group filed plans with the Department of City Planning to convert the 26-story, 466,000-square-foot office building at 2 Rector Street, in the Financial District, into 452 rental apartments. The developers are now abandoning those plans and are in contract to sell the office building to Cove Property Group for roughly $225 million, according to the New York Post. The sale comes three years after Kushner and CIM acquired the property for $140 million. The new owners plan to continue leasing the property to commercial tenants. It was 84 percent occupied in 2015, by multiple tenants.
Tishman Speyer is now working to develop two more office towers on the same block as Two Gotham Center, the 22-story office building the developer built in 2011 at 42-09 28th Street, in Long Island City’s Queens Plaza section. According to The Real Deal, one of the buildings, dubbed One Gotham Center, will be a 29-story, 583,000-square-foot property with 20,000 square feet of retail space. It will include 200 parking spaces. Last year, WeWork signed a lease for 200,000 square feet of space in it. The second building, dubbed Three Gotham Center, will be a 30-story, 515,000-square-foot property with 11,000 square feet of retail space. WeWork has already leased 258,000 square feet of space in Three Gotham Center, according to EB-5 documents. The developer hopes to accumulate $145 million in financing from the EB-5 program. A targeted completion date has not given.
Back during the summer of 2015, YIMBY brought you an update on the ongoing demolition of the five-story structure at 68 Trinity Place and the 25-story building at 74 Trinity Place, in the Financial District. Property owner Trinity Church has long sought to build a 500-foot-tall mixed-use condominium building at the site, but those plans have now been scrapped in favor of a 25-story, 145,000-square-foot mixed-use building with office space rather than apartments. According to The Real Deal, there will be 98,000 square feet of community facility space for the religious organization, fit with classrooms, a fitness center, a café, and meeting rooms. The office space will begin on the 10th floor. Pelli Clarke Pelli Architects, who designed the latest residential proposal, will again be responsible for the design of the office plans.